Geopolitical tensions buffet markets, gold and oil prices climb
Gold and oil prices climbed on fears of escalating tensions in the Middle East after Israel launched its most intense...
Business
The future of logistics: Insights from DHL’s Amadou Diallo
The future of logistics is a convergence of technology, sustainability, and human ingenuity, which are transforming supply chains into more...
Interview
Business
UAE and Cambodia may eliminate tarrifs, cut non-tariff barriers
The UAE also eyes investment opportunities with Cambodia in logistics and infrastructure, travel and tourism projects, and renewable energy, reports...
- Non-oil trade relations between the two grew to $401 million in 2022, marking a 31 percent rise in comparison to 2021.
- Bilateral FDI between the two touched $3.8 million by 2020, which is likely to increase further with UAE all set to export more
Business
TotalEnergies Q1 profit up 12%
The firm had sold its oil sands activities in Canada to SunCor Energy.
- TotalEnergies revealed that the net profit during the first three months was $5.6 billion in 2023.
- Jump in oil, gas prices post Russia-Ukraine war boosted TotalEnergies' profit to $20.5bn in 2022.
Business
Barclays Q1 net profit at $2.2bn
The bank's profit was boosted by rising interest rates.
- Pre-tax profit rallied 16 percent to $3.2 billion, making Barclays the biggest gainer on London's top-tier shares index.
- The Bank of England and its global counterparts have ramped up interest rates to tackle sky-high inflation.
Business
DP World reports Q1 container volume growth of 3.7%
Dubai, UAE - DP World Limited, a global container terminal operator based in Dubai, has reported an increase in container...
- The company handled 19.5 million TEUs across its global portfolio, which is a 1.4 percent increase on a reported basis
- The growth was driven by a strong performance in Asia Pacific and India, while Europe and the Americas saw softer performance
Business
Samsung Electronics profit falls
The company reports its worst quarterly profits in 14 years.
- The first-quarter net income of Samsung fell 86.1 percent to 1.57 trillion won, and sales dropped 18 percent to 63.75 trillion won
- Samsung blamed weakening demand for memory chips, which usually generate about half of its profits, and falling chip prices
Business
Unilever revenue rises in Q1
Inflation pushes the consumer goods giant to hike prices.
- Uniliver said revenue increased 7 percent to 14.8 billion euros ($16.4 billion) compared with the first three months of 2022
- Unilever, like companies worldwide, is passing on higher costs to customers as inflation stays stubbornly elevated
Business
Dana Gas approves cash dividend
The total dividend payout will be $171 million.
- Shareholders holding the shares on May 4, 2023, will be eligible to receive the interim dividend, which is expected to be paid on May 25, 2023
- The total dividend payment for the year will be AED630 million ($171 million) or 9 fils per share, a 12.5 percent increase compared to the dividend for 2021
Business
Arabia Taxi adds 269 new Tesla cars to its fleet in Dubai
Dubai, UAE - Arabia Taxi, a subsidiary of Economic Group Holdings in the UAE, has signed an agreement with Tesla...
- The Economic Group Holdings owns the largest fleet of private taxi vehicles in the UAE
- These new Tesla vehicles are a step towards the company’s goal of becoming fully electric
BP faces angry shareholders over climate plans
BP in February announced that it expected to boost its profits between now and 2030 by investing more in both...
- Some of Britain's biggest pension funds have warned that they will oppose the renewal of Helge Lund's mandate at the annual general meeting in London
- Activist shareholders' group Follow This, which wants "Big Oil to go green", has also put forward a resolution calling for BP to be more ambitious in its climate objectives
Business
GCC beats the heat with innovations, technologies
Gulf nations make significant strides in battling scorching summer by implementing groundbreaking technologies to create cooler and more comfortable urban...
- Gulf nations make significant strides in battling scorching summer by implementing groundbreaking technologies to create cooler and more comfortable urban environments
- From Saudi Arabia's "road cooling" experiment to Qatar's air-conditioned pedestrian paths and blue-painted streets, these nations are at the forefront of innovative solutions
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Revenue from Saudi cinema may exceed $1bn by 2030KSA, UAE play well as e-gaming trends across GCCExclusive: Middle East’s retail sector rides on AR and hybrid shopping to become $600bn digital economyTECOM Group profit soars 13%UAE startups eye Saudi Arabia for growth, expansionSaudi Arabia leads GCC AI healthcare raceDisparity remains as Saudis, Emiratis see wealth gains
Geopolitical tensions buffet markets, gold and oil prices climb
Gold and oil prices climbed on fears of escalating tensions in the Middle East after Israel launched its most intense...
Business
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Spotify cuts 17% jobs
Business
HPDC, HDC ink agreement
Business
Counterfeit products cost Europe $13 billion, 200,000 jobs a year
Paris, France - Counterfeit products -- mainly clothes -- cost the European economy 16 billion euros a year and result in...
Business
Markets drop as Middle East tensions rise, rates cut delayed
While inflation is on a general downward path, there is a worry that it could pop back up anytime, particularly...
Business
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Business
Al Arabia subsidiary wins Dubai contract
The contract was awarded by Dubai Roads and Transport Authority.
- The contract is valued at AED 522.84 million ($142.34 million). Its duration is 10 years and five months, including a preparation period of up to 31 days.
- The billboards include 85 digital billboards and 209 static billboards of different types and sizes, with the ability to transform the static billboards into digital billboards.
Business
CBI 2023 net profit at $46.5m
The 2023 annual net profit rose 14 percent from 2022.
- The customer deposits increased from US$3.3 billion in 2022 to US$3.4 billion in 2023.
- The capital adequacy ratio increased from 14.4 percent in 2022 to 15.2 percent in 2023.
Business
DEWA extends fibre-optic ducts across Dubai by 364 kms in 2023
Dubai, UAE--The Dubai Electricity and Water Authority (DEWA) has laid over 364 kilometres of fibre optic (FO) ducts across different...
- With the laying of new ducts, the total length has increased to 3,998 kilometres, a 10% increase compared to 2022
- The installation has boosted infrastructure and smart grid, ensuring the availability of round-the-clock services